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The Price of Oil

s-anthony
Posts: 2,582
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3/4/2016 3:17:19 PM
Posted: 9 months ago
Why is it increasing the price of food and other commodities is bad for the economy but increasing the price of oil is good?
Greyparrot
Posts: 14,288
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3/4/2016 4:27:01 PM
Posted: 9 months ago
At 3/4/2016 3:17:19 PM, s-anthony wrote:
Why is it increasing the price of food and other commodities is bad for the economy but increasing the price of oil is good?

Because we do not produce oil.
s-anthony
Posts: 2,582
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3/4/2016 5:08:43 PM
Posted: 9 months ago
Because we do not produce oil.

How is increased support for foreign industry better than increased support for industry at home?
Vox_Veritas
Posts: 7,074
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3/5/2016 12:49:10 AM
Posted: 9 months ago
At 3/4/2016 3:17:19 PM, s-anthony wrote:
Why is it increasing the price of food and other commodities is bad for the economy but increasing the price of oil is good?

Both are bad.
Call me Vox, the Resident Contrarian of debate.org.

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s-anthony
Posts: 2,582
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3/5/2016 4:06:37 AM
Posted: 9 months ago
Why is it increasing the price of food and other commodities is bad for the economy but increasing the price of oil is good?

Both are bad.

Don't get me wrong; I see absolutely nothing wrong with making a profit; but, I believe unfettered greed is destroying our economy.

If prices increase for any commodity, except oil, it is detrimental to our economy. Why is oil the exception to the rule?
RoyLatham
Posts: 4,488
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3/5/2016 4:57:05 AM
Posted: 9 months ago
Decreasing the price of oil is bad for the US because the US is was largest producer of oil and related products in the world, mainly due to fracking. https://en.wikipedia.org... For places like Japan or Hong Kong that have no oil, there is no downside. The Saudis have driven down the price of oil, people say, to damage the economies of Russia and Iran, and to drive the shale oil producers in the US out of business.

Food prices are increasing because half the US corn crop is going to ethanol production, which makes no economic sense.
Greyparrot
Posts: 14,288
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3/5/2016 11:26:53 AM
Posted: 9 months ago
At 3/5/2016 4:06:37 AM, s-anthony wrote:
Why is it increasing the price of food and other commodities is bad for the economy but increasing the price of oil is good?

Both are bad.

Don't get me wrong; I see absolutely nothing wrong with making a profit; but, I believe unfettered greed is destroying our economy.

If prices increase for any commodity, except oil, it is detrimental to our economy. Why is oil the exception to the rule?

It's not an exception to the rule. Unfettered Saudi greed has destroyed any attempts at local oil production. That doesn't help us.

If you happen to be greedy and invested in proven failed subsidized schemes like electric cars or solar panels, the higher oil prices could help satisfy your personal greed at the expense of the economy.
s-anthony
Posts: 2,582
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3/5/2016 12:06:03 PM
Posted: 9 months ago
Decreasing the price of oil is bad for the US because the US is was largest producer of oil and related products in the world, mainly due to fracking. https://en.wikipedia.org...... For places like Japan or Hong Kong that have no oil, there is no downside. The Saudis have driven down the price of oil, people say, to damage the economies of Russia and Iran, and to drive the shale oil producers in the US out of business.

I understand the ways in which a steep decline in prices can hurt an economy. However, the argument goes if there is a raise in the minimum wage, employers will have to increase prices and lay off people, which is bad for the economy. Yet, an increase in the price of oil, means higher employment, which is good for the economy. Why does increasing prices in all sectors, except oil, mean greater rates of unemployment, while increasing prices in one sector, oil, mean lower rates of unemployment?

Food prices are increasing because half the US corn crop is going to ethanol production, which makes no economic sense.
s-anthony
Posts: 2,582
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3/5/2016 12:23:08 PM
Posted: 9 months ago
It's not an exception to the rule. Unfettered Saudi greed has destroyed any attempts at local oil production. That doesn't help us.

Why is raising the price of oil good for our economy while raising the price of everything else is bad?

If you happen to be greedy and invested in proven failed subsidized schemes like electric cars or solar panels, the higher oil prices could help satisfy your personal greed at the expense of the economy.

Why is it greedy to invest in subsidized alternative energy but not greedy to invest in subsidized oil? Why is it frugal and smart for consumers to purchase products which produce greater efficiency, with the exception of energy?
xus00HAY
Posts: 1,389
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3/5/2016 2:28:56 PM
Posted: 9 months ago
Because it hurts the fracking industry.
Many people believe that fracking could produce enough oil for a low enough price, and this is an industry to invest in.
Other people believe fracking is bad for the environment.
There is so much oil under Saudi Arabia, they can control the price of oil for the whole world.
Lowering the price of oil it makes it impossible for a fracking industry to earn a profit.
If the fracking industry goes bankrupt, this will eliminate a competitor in the oil market, and the price of Saudi oil can go up again.
Vox_Veritas
Posts: 7,074
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3/5/2016 2:57:53 PM
Posted: 9 months ago
At 3/5/2016 4:57:05 AM, RoyLatham wrote:
Decreasing the price of oil is bad for the US because the US is was largest producer of oil and related products in the world, mainly due to fracking. https://en.wikipedia.org... For places like Japan or Hong Kong that have no oil, there is no downside. The Saudis have driven down the price of oil, people say, to damage the economies of Russia and Iran, and to drive the shale oil producers in the US out of business.

Food prices are increasing because half the US corn crop is going to ethanol production, which makes no economic sense.

But isn't it illegal for the U.S. to export its oil?
Call me Vox, the Resident Contrarian of debate.org.

The DDO Blog:
https://debatedotorg.wordpress.com...

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s-anthony
Posts: 2,582
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3/5/2016 6:23:17 PM
Posted: 9 months ago
Because it hurts the fracking industry.
Many people believe that fracking could produce enough oil for a low enough price, and this is an industry to invest in.
Other people believe fracking is bad for the environment.
There is so much oil under Saudi Arabia, they can control the price of oil for the whole world.
Lowering the price of oil it makes it impossible for a fracking industry to earn a profit.
If the fracking industry goes bankrupt, this will eliminate a competitor in the oil market, and the price of Saudi oil can go up again.

Why is it so important for America to depend on oil? We've known about more efficient technologies for over forty years, and local, State, and Federal governments have done everything in their power to suppress these technologies.
Greyparrot
Posts: 14,288
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3/5/2016 6:45:07 PM
Posted: 9 months ago
At 3/5/2016 6:23:17 PM, s-anthony wrote:
Because it hurts the fracking industry.
Many people believe that fracking could produce enough oil for a low enough price, and this is an industry to invest in.
Other people believe fracking is bad for the environment.
There is so much oil under Saudi Arabia, they can control the price of oil for the whole world.
Lowering the price of oil it makes it impossible for a fracking industry to earn a profit.
If the fracking industry goes bankrupt, this will eliminate a competitor in the oil market, and the price of Saudi oil can go up again.

Why is it so important for America to depend on oil? We've known about more efficient technologies for over forty years, and local, State, and Federal governments have done everything in their power to suppress these technologies.

non tinfoil source? show me a cheaper BTU source. Go ahead.